With the value of Bitcoin soaring over the past six months, it seems only a matter of time before the yacht brokerage world embraces cryptocurrency. But why has it not take the charter market by storm yet? And what are the key hurdles to buying and selling yachts via Bitcoin? We spoke to five top yacht brokers to get their view.
Tommaso Chiabra of Royal Yacht Brokers, the most recent brokerage firm to embrace this trend told Boat International: “When it comes to the luxury industry, most clients are last-minute in their decisions especially in regards to yacht charters and planning their holidays. By using cryptocurrency they can send us their funds virtually immediately so that we can meet their needs and preferences and they can start their charter as soon as they wish.”
Chiabra, who has been following the rise of cryptocurrency for a long while, adds: “We do believe the blockchain system is fully adaptable to the luxury industry and can see there is a clear advantage to other brokers also in terms of transparency of payments and KYC [identification and verification].”